BTEC Business- Unit 3 Finance Advanced Study Guide Test.
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Module
BTEC
Institution
BTEC
BTEC Business- Unit 3 Finance Advanced Study Guide Test.
Cash - CORRECT ANSWER Money in the form of bills or coins
Debit card - CORRECT ANSWER A card used to withdraw money from a bank account
Credit card - CORRECT ANSWER A card authorizing the holder to buy goods and services that can b...
CHAPS - CORRECT ANSWER Clearing House Automated Payments System
Standard current account - CORRECT ANSWER Account with full banking facilities
Premium current account - CORRECT ANSWER An account with a fee entitling the
user to extra services
Basic current account - CORRECT ANSWER Account with limited facilities usually used
by someone with a poor credit rating
, Student account - CORRECT ANSWER Account designed to assist young people to
become prudent with their personal finances
Overdraft - CORRECT ANSWER Occurs when money is withdrawn from a bank
account and the available balance goes below zero
Personal loan - CORRECT ANSWER Not backed up by collateral. Also known as an
unsecured loan
Hire purchase - CORRECT ANSWER The buying of equipment by paying in
instalments, usually including interest.
Mortgage - CORRECT ANSWER A payment, usually monthly, applied to the balance of
a home loan used when purchasing housing
Payday loan - CORRECT ANSWER a high interest loan where money is borrowed
against a future paycheck
ISA - CORRECT ANSWER Individual savings account
DSA - CORRECT ANSWER Deposit and savings account
Premium bonds - CORRECT ANSWER Government scheme allowing individuals to
save a set amount in return for being entered into prize draw monthly
Gilts - CORRECT ANSWER Bonds issued by the UK government.
Shares - CORRECT ANSWER an individual buying ownership of a corporation
Pension - CORRECT ANSWER A sum of money paid regularly by a company to
someone who has retired or has a disability
Car insurance - CORRECT ANSWER a type of insurance that covers any damage you
may cause to another person or their vehicle
Home insurance - CORRECT ANSWER Insurance covering the building and contents
owned by an individual
Life insurance - CORRECT ANSWER Insurance that provides death benefits to the
survivors of the insured.
Travel insurance - CORRECT ANSWER insurance meant to cover expenses over trips
Health insurance - CORRECT ANSWER helps people pay for medicine and doctors
when they are sick or hurt
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